TAIPEI (Reuters) – Apple supplier Foxconn (2317.TW) warned revenue would drop 15% in businesses including consumer electronics and enterprise products in the first quarter, but that it would recover thereafter as production returns to normal in virus-hit China.
File Photo: Foxconn employees wearing masks attend the company’s year-end gala in Taipei, Taiwan January 22, 2020. REUTERS/Yimou Lee
Foxconn is among manufacturers worldwide who are grappling with virus-related curbs that have upended supply chains and hurt demand. Apple, its top client, rescinded its March quarter sales guidance citing a slower ramp up of manufacturing in China amid travel restrictions and an extended Lunar New Year break.
The Taiwanese firm, which assembles Apple’s (AAPL.O) iPhones, said it does not expect to see any revenue growth in the first half and a “mild downward revision” from original guidance of “slight growth” for the year due to the coronavirus.
While it did not give any details,…
Source Reuters Tech News